-LRB- CNN -RRB- -- `` Saturday Night Live '' had some fun recently at the expense of undecided voters . Bill Maher took it a step further on his HBO show `` Real Time , '' calling those who have yet to make up their minds in the presidential election `` ignorant . ''

The jokes may be funny , but both campaigns are taking the final phase of the election season very seriously .

The stakes are high in the first debate between President Obama and Mitt Romney , set for Wednesday night in Denver . As New Jersey Gov. Chris Christie said so aptly over the weekend , `` This whole race is going to be turned upside down come Thursday morning . ''

Opinion : Obama , light a cig ; Romney , throw deep

That 's not just Jersey bluster . Both Obama and Romney are hoping to land a knockout punch -- a moment where they can break through for good . For viewers everywhere , expect great drama .

Undecideds

The notion that the final month of the election may not matter is , well , ignorant . Presidential debates can make a difference .

Opinion : Swing voters want to hear specifics

Let 's look back to 2000 . The final debate was `` enough to turn a neck-and-neck race into a solid lead for GOP Texas Gov. George W. Bush '' over Al Gore .

What did it ?

`` The debate appears to have made Republicans more enthusiastic about voting while turning some Democrats away from the polls , '' according to a CNN poll at the time .

Same thing in 2004 . After the second presidential debate of the cycle , CNN wrote that Massachusetts Sen. John Kerry `` appears to be holding the ground he gained against President Bush after the first presidential debate . '' It tightened a race that was at one point looking like a Bush runaway . -LRB- True , Bush won most of electoral votes , but the difference in popular votes was within 3 percentage points . -RRB-

Maher and SNL can poke fun at the undecided voters , but these people matter -- especially in a tight race like the one between Obama and Romney -- since they make up a small but solid percentage of the electorate .

The undecideds will have three more chances to make a decision , including a debate on October 16 that will be moderated by `` State of the Union '' anchor Candy Crowley .

Unsatisfieds

Recently , 40 % of Americans `` say they are not too or not at all satisfied , marking the lowest level of candidate satisfaction since the 1992 presidential election . '' That 's a lot of Americans who are n't ready to enthusiastically embrace a candidate or start convincing their friends that their choice is the right one .

What about the last presidential election ? In 2008 , 72 % of voters said they were satisfied with the choices , perhaps because both Barack Obama and Sarah Palin were dynamic .

What does this mean for 2012 ? Namely , that a big voting bloc is waiting for the candidates to prove their worth .

Opinion : Why debate is crucial for Obama , too

The unsatisfieds are voters who feel their needs are not being met by the campaign stump speeches and talking points . CNN 's Halimah Abdullah took a look at these `` slivers '' of voters . Abdullah profiled a man who voted for Obama in 2008 but has grown disillusioned . This man has a specific list of items that he finds politically appealing , but neither campaign has satisfied him so far . He plans to tune in to the debates which may sway him .

Late deciders

Like the unsatisfied voters , there is a group of voters who have n't started to pay attention to the race .

They 're not glued to the 24-hour news cycle of cable TV or the blogosphere . They 're not remotely as invested as the inside-the-beltway crowd . But they do vote , and the debates are a critical last-minute stop for them .

Opinion : Will candidates let returning troops fall off the fiscal cliff ?

In the 2004 election , which at first looked like a big Bush victory before the debates in the last month , 10 % of voters said they decided in the final 30 days , and Kerry captured 54 % to Bush 's 44 % of this group .

Similarly , in the 2008 race , 15 % of the voters made their decision in the last month , with more than 50 % going for Obama . In 1996 , Clinton received more of the last-minute deciders .

Persuadables

There 's one more category of people who Obama and Romney will be looking to lock up during the debates . These are the persuadable voters .

They are voters who lean one way or the other but are n't sure whether they will cast a ballot .

In the latest CNN poll , a large percentage of respondents fell into this category . Among Obama supporters , 26 % of likely voters `` moderately '' support him while 30 % of registered voters `` moderately '' support him . Among Romney supporters , 28 % of likely voters `` moderately '' support him and 35 % of registered voters support him .

These numbers are not insignificant . In a race that involves both rallying the base and attracting independents , especially in the swing states , turning moderate support to strong support as well as registered voters to likely voters can be a key to victory .

2012 finale

Like any election , this one is defined by key moments . Certainly , Romney 's victory in the primary was one . Mitt and Ann Romney 's speeches at the Republican National Convention -- and , likewise , Barack and Michelle Obama 's at the Democratic National Convention -- were as well .

Since the conventions Democrats have gained ground and a secretly taped video of Romney 's offhand comments about 47 % of Americans not paying taxes has surfaced . It would be surprising if Obama does n't allude to Romney 's comment in some way , even if in passing .

Opinion : Romney 's best bet is to be Mr. Fix-it

On the foreign policy front , a terrorist attack in Libya on September 11 left a U.S. Ambassador dead , and questions remain glaringly unanswered regarding the Obama administration 's handling of security in Libya . Romney is expected to bring up this issue .

Back in late February was the `` season finale '' of the primary debates , which in retrospect seemed like the ultimate reality show with more twists and turns than a `` Real Housewives '' reunion . Now we get the season premiere of the general election debates with four highly anticipated episodes before the 2012 series finale . The comedy shows can have their fun -- but the real drama begins tonight in Denver .

The opinions expressed in this commentary are solely those of Steve Krakauer .

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Wednesday night is the first debate between President Obama and Mitt Romney

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Steve Krakauer : The four upcoming debates can make a huge difference

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He says both campaigns try to sway the undecided , unsatisfied and late deciding voters

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Krakauer : Expect drama to begin in the election season finale in Denver